Unveiling The Spooky Secret of Fraud This Halloween

Every year as the autumn sets in, millions of shopping enthusiasts hit malls and online shopping sites. Halloween is quickly approaching, with bonfires, games and wearing scary costumes bringing an exciting time, marking the onset of crazy consumerism. This magical celebration is observed every year on 31st of October globally.

 

Halloween shopping season is considered to be fraudsters’ favorite time, with quantum escalation of fraud incidents reported in the previous year. 2018 will be no exception! If the prediction of sales exceeding $9 Billion this season holds true, organizations will be under constant pressure to ward off fraudsters acting like real-life monsters. With an exponential increase in sales volume, data scams are surely to result in an avalanche of disputes and chargeback. Fraudsters will look for every nook to breach and any means to reach for consumers’ precious data.

Don’t Let Fraudsters Snatch Your Data

Colossal upsurge in sales means higher ROI, but what looks like booming this Halloween is the increased incidents in card-not-present (CNP) and identity theft fraud. Hosting bonfires, giving candies and gifts for trick-or-treat and dressing up in scary costumes, all these exciting elements of Halloween is expected to give a boost to retail sales, projected to advance between 4.3% and 4.8% in 2018.

 

215 million records are leaked due to data breach and cyber-attacks this year. Moreover, CNP fraud, identity theft, m-wallet attacks and e-gift card fraud are sure to give sleepless nights to businesses, leading to a compromise in consumers’ security. This alarming uptick in fraudulent activities is a signal for businesses to identify the discrepancies across various payment channels. Defining strategies layered with artificial intelligence and real-time monitoring will assist them improve security for a frictionless customer experience.

Procure Your Revenue Goals with QPS This Halloween

2017 holiday season witnessed an exponential increase of 22%. 2018 holiday season will also present significant challenges for organizations owing to the rising fraud threats and data breaches. With fraudsters taking advantage of higher order volumes, organizations must roll out innovative fraud detection and prevention solutions to effectively combat seasonal spike in fraud. 24×7 transaction monitoring and secure payment processing with API integration will make your holiday season merrier. Organizations are required to implement solutions integrated with artificial intelligence and human eye review for staff augmentation, minimizing false positives and improving security.

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